Insurtech: what it is and how it impacts the insurance industry

insurance industry

INSURTECH

Summary

  1. What is insurtech anyway?
    1. Insurtech: immediate benefits and impact
    2. applications
  2. Insurtech, CRM… technology combined with the insurance industry
    1. Relating well is selling more

Insurtech is the term for technology applied to the insurance industry. Although widespread throughout Brazil, its advantages and its application are still surrounded by some mysteries and uncertainties. However, its advantages for the insurance industry are already being felt by customers and companies alike.

Selling insurance and dealing with all the bureaucracy in the industry is not the easiest of jobs – and you know it very well. Therefore, understanding the concept of Insurtech is understanding the future and having control of the destiny of your business in your own hands.

Whether traditional companies or startups, understanding and mastering the technology that involves working with insurance is essential.

Therefore, in this article, we will address not only the concept of Insurtech but also its impact on the insurance industry as a whole.

More than that, how your company can open up to new market trends to ensure years of growth and be even more of a reference in what it does.

READ TOO:

  • How Insurance Brokers Can Sell More and Better
  • Attracting customers: how to get people to come to your company?

Come on?

Good reading!

What is Insurtech anyway?

Insurance + Technology = Insurtech. In free translation from English, insurance + technology.

The combination of these two words emerged to have a definitive and immediate impact on the insurance industry in the world.

Insurtech are startups – or services -, like fintechs, responsible for digitizing any and all processes involving brokers.

Technology also serves to impact the way in which customers purchase insurance plans – regardless of whether it is life, travel, automobile, etc.

After all, stop and think. With consumers increasingly demanding, with technology surrounding our routine, it makes no sense to maintain old habits to sell insurance.

Even because, the time of the salesperson who went from door to door to close a sale is long gone.

Despite being a market seen as talkative, Insurtech comes to break this stigma and revolutionize an entire industry.

It is necessary to be open to the technologies that are here to stay.

Adapting and adopting them as soon as possible – and assertively – is a guarantee to see your business thrive amidst so much resistance to innovation.

Insurtech: immediate benefits and impact

Impact customers. Generate value from the first contact, through sales and customer success.

The impact of insurtechs goes far beyond what might be imagined at first.

More demanding consumers make insurers and insurance professionals focus on the user experience – not just the profit itself.

One of the main points that Insurtech practically reduces to zero is bureaucracy.

Paper and more papers, contract pages, signatures and all that classic model of taking out insurance make less and less sense in the world in which we live.

After all, with the automation of these processes, the income of those who work with insurance increases.

Working time is optimized and no step takes longer than necessary to evolve.

Because of this, brokers can be even more strategic and analytical, always generating more value for those who need to take out insurance.

Insurtechs exist to make it easier for you to understand what is on offer. It serves to customize services according to each customer’s profile.

Thus, it is much easier to understand the pains of customers, identify their expectations and serve them efficiently and in a personalized way.

But beware!

For the impact and benefits to be immediate and complete, the mindset of managers and managers must first be changed.

Only then will brokers be prepared for the possibilities that technology offers.

Applications

At this point you are already clear that the role of Insurtechs is to promote a revolution in the insurance industry, automating and modernizing processes and improving the relationship with the customer, right?

More than that, technology serves to integrate brokerages, especially sales and marketing.

But where exactly is Insurtech applied?

A practical example is a function that allows a simultaneous quote of several insurance companies in the market. This is called the multicalculus function. The process takes place automatically, simply filling out a single form online.

In this way, the client feels better cared for and is, consequently, satisfied to see that their pain is taken care of.

Also, after you sell, you can use the technology as marketing automation software. So, you can keep on relating to him.

The purpose of this? After 12 months you will want him to renew his contract with you.

So why not engage with the customer during this period? Why not nurture a good relationship and ensure that your retention rates keep going higher?

Insurtech, CRM… technology combined with the insurance industry

A perfect example of what technology is applied to the insurance industry is the use of an Online CRM.

It is through it that you can sell more and better, relate to customers and make the work of brokers more assertive.

In addition, it also reduces operating costs for pre-sales, sales, marketing and customer success.

A CRM for insurance brokers is simple and convenient to use. It is the main ally of those who want to grow both in sales and in credibility with customers.

And that starts from the pre-sale.

Insurtech is technology allied to the insurance industry and a CRM brings all the technology that brokers need. And it helps in the work of, for example, qualifying the leads generated by marketing.

Through the pre-sales funnel, you initiate a relationship with the lead to show that you are authoritative in what you do.

For this, deliver quality content, rich materials. It can be a blog post , an eBook or an infographic that shows the importance of taking out insurance, for example.

Relating well is selling more

After selling, you need to do what we mentioned above. You need to ensure the customer’s success and relate to him so that he can renew his contract with you.

Insurtechs help in this, after all, you can schedule an automatic action within the CRM. Set up a monthly email delivering relevant content such as surveys, studies and also infographics.

If you have sold auto insurance, how about an upsell and seek to sell, also travel or life insurance?

Technology will allow you not to forget to make that relationship. Also because, with a large volume of customers, it is difficult to remember everything that needs to be done in your head.

Migrating from Excel to CRM, you adapt to the customer’s requirement and manage to deliver an ever more personalized solution for them.

So, how can we help you?

Enjoy and read our article on what CRM is and how it drives business growth.

To learn more about CRM PipeRun and how it helps brokers sell more, talk to a consultant.

Good sales!

A hug from PipeRun, your CRM. #RunPipeRun

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